Albany, NY -- (SBWIRE) -- 01/06/2017 -- The rising incidence of various chronic diseases has fueled the global X-ray market. The increasing geriatric population in the world coupled with the commercialization of the new, improved, and technically advanced x-ray systems at an international level is the key reason behind the steady growth of this market.

The global X-ray market finds its application in the detection of various cardiovascular, dental, respiratory, and other diseases such as orthopedic and abdominal ailments. Mammography is another procedure where low-energy X-rays are utilized to detect if an individual is suffering from breast cancer.

Manufacturers are required to invest a hefty sum for the production of X-ray systems. The installation of X-ray systems is also quite expensive. However, several governments are implementing legal provisions, such as the Affordable Care Act, to promote cost containment in order to provide better healthcare at affordable price. These regulations are limiting the growth of the market to a large extent.

Among the various products in the X-ray market, the market for stationary or fixed X-ray systems occupied a 60.1% share of the overall market in 2013. However, it is anticipated that the market for portable X-ray systems will show robust development in the coming years, and, by 2022, would surpass the stationary X-ray systems market.

Based on technology, the digital X-ray systems market has a monopoly over the global industry. In 2013, this market held a 69.1% share of the overall X-ray industry. Among digital X-ray systems, computed radiography systems dominated the market in 2013. However, the direct digital radiography systems market is likely to be the fastest developing one in the near future.

The global market for X-ray detectors is showing steady development. The advancement in X-ray detector technology coupled with the increasing demand for flat panel detectors is the key reason for this development. Major components of this market are flat panel detectors (FPDs) and other X-ray detectors. FPDs includes direct FPDs and indirect FPDs, whereas the others segment comprises CMOS, CCD, and X-ray films.

Asia Pacific: Rapid Development in China and India to Pave Path to Success

The North America X-ray market dominated the global X-ray industry, occupying 34.6% of the overall market in 2013. The large base of geriatric population suffering from several orthopedic, cardiovascular, abdominal, and genitourinary diseases in North America is the key factor behind the growth of this market in this region. Additionally, the increasing prevalence of various kinds of disorders coupled with rising awareness and disposable income of customers is expected to augment the demand for advanced X-ray systems in this region in the near future.

Between 2014 and 2020, the X-ray market in Asia Pacific is likely to exhibit robust growth, positioning itself as the fastest developing market. The regional market is also expected to lead the global industry in the near future. The anticipated rapid growth of the X-ray market in economies such as China and India is expected to drive growth in this region in the future. Also, growing support from governments, increased awareness about healthcare, and rise in disposable income are some other factors that would stimulate the projected growth.

The global X-ray market attained a market value of US$7.89 billion in 2013. Industry experts from U.S.-based Transparency Market Research state that the market is expected to develop at a 4.5% CAGR between 2014 and 2022, reaching US$11.79 billion by 2022.

About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.